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Sachin Bansal-led Navi Technologies Gets SEBI Approval For Rs 3,350 Cr IPO

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Flipkart co-founder Sachin Bansal-led Navi Technologies Limited gets market regulator Securities and Exchange Board of India (SEBI)'s approval from the initial public offering (IPO). However, the date and time of Navi Technologies' IPO have yet to be finalized.

 

Navi Technologies proposed to raise up to Rs 3,350 crore through a fresh share issue in its Draft Red Herring Prospectus (DHRP), which was submitted in March. According to Moneycontrol, the IPO would include an offer for sale (OFS) by Bansal, who owns 97.39 per cent of the fintech.

 
Sachin Bansal-led Navi Technologies Gets SEBI Approval For Rs 3,350 Cr IPO

As per the DHRP, the net proceeds from the Navi Technologies IPO will be utilised to invest in the company's subsidiaries, Navi Finserv Private Limited ("NFPL") and Navi General Insurance Limited ("NGIL"), as well as for general corporate purposes.

While Navi made a profit of Rs 71.1 crore in FY21, the company lost Rs 206.42 crore in the first nine months of FY22.

Sachin Bansal started Navi Technologies in December 2018, barely six months after leaving his first firm, Flipkart, which was acquired by Walmart for $16 billion the same year. Navi Technologies is a financial products and services company that is focused on technology. Since its inception, the company's offerings have grown to encompass personal loans, house loans, general insurance, and mutual funds. Through Chaitanya India Fin Credit, it also provides microfinance loans.

Read more about: navi fintech sebi ipo flipkart
Story first published: Monday, September 12, 2022, 18:44 [IST]
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